Savings Account FAQs & Basics

Checking Accounts vs. Savings Accounts: What's the Difference? Learn the differences between a checking account and a savings account. Compare their features to determine which account may be better for you right now. How to Use a Money Market Account to Reach Your Savings Goals Photo of Simon Zhen Simon Zhen How to Use a Money Market Account to Reach Your Savings Goals For savers who want to bolster their progress towards their financial goals, a...

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The Importance of a High Yield Savings Account Amid a Booming Stock Market Learn why a high-yield savings account remains a key part of your financial setup even when the stock market is booming and you're getting great returns. Building Savings vs. Pay Down Debt: Which is Better When You Have Extra Cash Find out whether you should prioritize savings or paying down debt when you have extra cash available to improve your financial situation. NCUSIF Deposit Insurance: How Your Money in Credit Union is Protected Photo of Thomas (TJ) Porter Thomas (TJ) Porter NCUSIF Deposit Insurance: How Your Money in Credit Union is Protected One of the many reasons that people keep their money in a bank account is that... Deposit Insurance Fund (DIF): Protecting Deposits in Addition to FDIC Insurance – in Massachusetts Photo of Kevin Mercadante Kevin Mercadante Deposit Insurance Fund (DIF): Protecting Deposits in Addition to FDIC Insurance – in Massachusetts You’re probably aware that funds you have on deposit at any bank in America are... Where to Find the Cash to Build a Last-Minute Emergency Fund Learn how to build a last-minute emergency fund with cash flow that you can free up in the next month or two. What is a Sinking Fund? How to Use It as Part of Your Budget Learn about the concept of a sinking fund and how you can use it as part of your budget to avoid taking on debt for planned major expenses. How Much You Should Save Up to Pay for Graduate School Tuition Photo of Rebecca Lake Rebecca Lake How Much You Should Save Up to Pay for Graduate School Tuition Going to graduate school and earning an advanced degree could help you get ahead in... How Much to Save Up for a Disney Vacation Photo of Rebecca Lake Rebecca Lake How Much to Save Up for a Disney Vacation Heading to Disney might be your idea of a dream vacation but there's a lot of... Average Cost of College Tuition: How Much Do You Have to Save? Find out the average cost of college tuition, in addition to room and board, so that you can estimate how much to save for your children‘s future education. Ultra Short-Term Bonds vs. Savings & CDs: Which Offer Better Returns? Learn how ultra short-term bonds compare to savings and certificates of deposit (CDs) based on returns, cost, taxes, and risk of losing your money. How to Prepare Financially and Save for Maternity Leave Photo of Valencia Patrice Higuera Valencia Patrice Higuera How to Prepare Financially and Save for Maternity Leave Being pregnant is an exciting time. You might spend your free time planning the... How Much to Save for the Perfect Honeymoon Without Going Into Debt Photo of Valencia Patrice Higuera Valencia Patrice Higuera How Much to Save for the Perfect Honeymoon Without Going Into Debt Getting married is more expensive than ever. In fact: According to the Wedding... How to Beat the 52-Week Savings Challenge Find out how you can use the 52-Week Savings Challenge to build a habit of saving and reaching a financial goal after just one year. How to Set Up a Savings Account for a Teenager Learn how to set up a savings account for a teenager, who is legally not allowed to open a bank account individually, and ways to help him or her build savings. 529 Plan vs. Coverdell Education Savings Account (ESA): Which Is Better For Future Education Expenses? Photo of Lance Cothern Lance Cothern 529 Plan vs. Coverdell Education Savings Account (ESA): Which Is Better For Future Education Expenses? Saving to help put your kids through college is an enormous task. However, putting... The Best Ways to Use Your Year-End Bonus Check Photo of Thomas (TJ) Porter Thomas (TJ) Porter The Best Ways to Use Your Year-End Bonus Check For many companies, giving a year-end bonus is an annual tradition that lets them show... Should You Always Switch Banks in the Best Savings Rates? Find out whether it is smart to always to moving your money between banks just so that you could earn the best of the best savings rates at this very moment. How to Keep a Secret Bank Account Find out what you need to do in order to keep a secret bank account from your spouse, parents, and family members for the sake of financial independence. Foreign Bank Accounts: Reporting & Tax Rules That You Have to Worry About Photo of Lance Cothern Lance Cothern Foreign Bank Accounts: Reporting & Tax Rules That You Have to Worry About Chances are you’ve heard stories about rich people hiding their money in Swiss bank... How Much to Save Up Before Moving Out On Your Own Photo of Thomas (TJ) Porter Thomas (TJ) Porter How Much to Save Up Before Moving Out On Your Own Moving out of your parents’ house is a major step in any young adult’s life. It... Are Rewards Savings Accounts Better Than High Yield Savings Accounts? Find out whether rewards savings accounts are can provide better interest earnings that online savings accounts that simply offer competitive rates. Should You Consider a Safe Box For Your Home? Find out whether you should consider buying a safe for your home to protect your non-monetary items that are of great value, including jewelry and documents. How to Set Up a Wedding Savings Account Photo of Thomas (TJ) Porter Thomas (TJ) Porter How to Set Up a Wedding Savings Account Weddings are expensive -- costly enough to put newlyweds deep in debt. That is not... What Would Be Considered a Financial Emergency? Photo of Lance Cothern Lance Cothern What Would Be Considered a Financial Emergency? Building an emergency fund can take months or years of diligent saving. When it comes... The Dangers of Keeping Too Much Cash at Home Before you keep a large stash of cash at home, consider the drawbacks of leaving this money under the mattress vs. in a high yield savings account at a bank. Can You Pay Bills Directly from a Savings Account? When your only remaining option for making a bill payment is to use a savings account, find out whether you can do it at a moment's notice. 4 Savings Strategies for People with Low Income Photo of Thomas (TJ) Porter Thomas (TJ) Porter 4 Savings Strategies for People with Low Income Saving is difficult for many people in America. Still, having some money in a savings...